Indian arm of Pfizer Inc.; makes and markets branded vaccines, anti-infectives and internal-medicine drugs.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 653 | +8.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 38.0 | +3.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 204 | +6.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | −7.6 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | −10.4 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | −1.5 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Guidance
6 of 10 judged targets kept · verdicts reflect calls analysed to Q1 FY21.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | 21-22% | Q1 FY17 | Q1 FY21 margin was 37%. Management guided for a normalized 25-30% range, well above the original target. | Achieved |
| Full Year Pricing Impact | ₹80-90 crores | Q1 FY17 | The promise tracker in the Q1 FY21 data states this was 'not_addressed' in that specific call. | Achieved |
4 of Pfizer Limited's 10 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 8 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹5,341 on 24 Oct 2025 → ₹3,687.2. High ₹5,341 (24 Oct 2025), low ₹3,612.3 (23 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Pfizer Limited is the India-listed subsidiary of global drugmaker Pfizer Inc., manufacturing and marketing branded prescription pharmaceuticals sold through hospitals, nursing homes and retail pharmacies. Its portfolio spans vaccines, hospital anti-infectives/critical care, internal medicine and women's healthcare, promoted to physicians via field sales teams and distribution partnerships (e.g. with GoApptiv and Mylan Pharmaceuticals). The company runs its own tablet manufacturing plant at Goa and reports as a single 'Pharmaceuticals' business segment under Ind AS.
Segments
Guidance
6 of 10 judged targets kept · verdicts reflect calls analysed to Q1 FY21.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | 21-22% | Q1 FY17 | Q1 FY21 margin was 37%. Management guided for a normalized 25-30% range, well above the original target. | Achieved |
| Full Year Pricing Impact | ₹80-90 crores | Q1 FY17 | The promise tracker in the Q1 FY21 data states this was 'not_addressed' in that specific call. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 10 tracked commitments, with each call’s wording and source.
Call summaries
Pfizer Q1 FY21
Pfizer India delivered a resilient performance in Q1 FY21 despite significant COVID-19 headwinds. While the hospital and pediatric vaccine segments were severely impacted by lockdowns, the core Internal Medicine portfolio grew strongly following a successful sales model restructuring. Exceptional cost control and tax benefits led to double-digit profit growth despite a revenue contraction.
Read the full callPfizer Q4 FY17
Pfizer India faced a perfect storm in FY17, navigating a ₹450-500 crore revenue hit from the Corex FDC ban, NLEM price reductions, and portfolio divestments. Despite these headwinds, the company maintained stable gross margins and saw double-digit growth in its core non-regulated brands like Prevenar 13. Management is now focused on a 'rebased' growth strategy, leveraging the new Meronem distribution deal and Corex line extensions to recover lost volumes within a year.
Read the full callPfizer Q3 FY17
Pfizer's Q3 FY17 was a transition quarter marked by significant structural headwinds, including the discontinuation of the core Corex formulation and the divestment of certain brands. While reported revenue and operating profits were hit by these changes and the external shock of demonetization, the 'Continuing Business' showed resilience with 4% growth. Management is pivoting towards new line extensions (Corex T) and integrating global acquisitions (Meronem) to rebase growth for FY18 and FY19.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 3 fiscal years held (Nov 2006 to Nov 2008).
Financials
Net profit, year on year: +6% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 589 | 538 | 592 | 603 | 642 | 645 | 629 | 653 |
| Expenses | 399 | 392 | 364 | 393 | 412 | 417 | 393 | 406 |
| Operating profit | 189 | 146 | 228 | 210 | 230 | 228 | 236 | 248 |
| Operating margin | 32.0% | 27.0% | 38.0% | 35.0% | 36.0% | 35.0% | 38.0% | 38.0% |
| Other income | 43 | 43 | 217 | 67 | 42 | -20 | 50 | 45 |
| Interest | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 1 |
| Depreciation | 15 | 15 | 16 | 14 | 14 | 14 | 15 | 14 |
| Profit before tax | 215 | 172 | 426 | 260 | 255 | 192 | 269 | 277 |
| Tax rate | 26.0% | 26.0% | 22.0% | 26.0% | 26.0% | 26.0% | 26.0% | 26.0% |
| Net profit | 158 | 128 | 331 | 192 | 189 | 142 | 200 | 204 |
| EPS (₹ per share) | 34.61 | 27.89 | 72.34 | 41.91 | 41.32 | 31 | 43.68 | 44.70 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,425 | 2,193 | 2,282 | 2,519 |
| Expenses | 1,616 | 1,558 | 1,540 | 1,615 |
| Operating profit | 809 | 636 | 740 | 904 |
| Other income | 134 | 188 | 345 | 139 |
| Interest | 14 | 16 | 9 | 9 |
| Depreciation | 105 | 63 | 61 | 57 |
| Profit before tax | 824 | 747 | 1,016 | 976 |
| Net profit | 625 | 552 | 768 | 723 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 46 | 46 | 46 | 46 | 46 | 46 |
| Reserves | 2,819 | 3,162 | 3,550 | 4,172 | 3,803 | 4,157 |
| Borrowings | 39 | 41 | 40 | 108 | 43 | 70 |
| Other liabilities | 997 | 752 | 593 | 585 | 714 | 649 |
| Total liabilities | 3,901 | 4,001 | 4,229 | 4,911 | 4,606 | 4,922 |
| Fixed assets | 869 | 749 | 713 | 724 | 701 | 678 |
| Capital work in progress | 1 | 8 | 0 | 8 | 8 | 20 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 3,030 | 3,244 | 3,516 | 4,180 | 3,897 | 4,224 |
| Total assets | 3,901 | 4,001 | 4,229 | 4,911 | 4,606 | 4,922 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 427 | 667 | 356 | 257 | 660 | 968 |
| Cash from investing | -469 | -575 | -36 | 54 | -71 | -562 |
| Cash from financing | -1,571 | -181 | -346 | -235 | -205 | -798 |
| Net cash flow | -1,613 | -88 | -26 | 75 | 383 | -392 |
| Free cash flow | 410 | 654 | 292 | 291 | 783 | 944 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 18 | 20 | 23 | 31 | 31 | 26 |
| Inventory days | 199 | 173 | 175 | 200 | 214 | 195 |
| Days payable | 130 | 102 | 91 | 77 | 68 | 89 |
| Cash conversion cycle | 87 | 91 | 107 | 154 | 177 | 132 |
| Working capital days | 3 | -14 | 1 | 24 | 23 | 9 |
| Return on capital employed | 23.0% | 29.0% | 26.0% | 22.0% | 21.0% | 24.0% |
| Dividend payout | 32.0% | 26.0% | 29.0% | 29.0% | 98.0% | 48.0% |
To justify its price of ₹3687, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹3777 — upside of 2%.
Ownership
Promoters hold 63.92% as of Sept 2026; institutions cut 0.30 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Pfizer Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 39.75% | unchanged | |
| 12.28% | unchanged | |
| Mutual fund | 4.11% | −0.06 pp |
| Mutual fund | 3.98% | +1.76 pp |
| 3.56% | unchanged | |
| Insurer | 3.25% | −0.49 pp |
| 2.60% | unchanged | |
| Mutual fund | 2.22% | −1.09 pp |
| 2.10% | unchanged | |
| 2.09% | unchanged | |
| 1.93% | unchanged | |
| 1.71% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 5 sold out — net −0.39 L shares (−2.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹467 Cr | held | Feb '22 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹138 Cr | held | Feb '22 |
| Nippon India Pharma Fund Nippon India Mutual Fund | ₹123 Cr | held | May '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net −39,330 shares (−2.0%)
Shares held by these funds −4%
Oct '23 18.81 L shares Sep '26
Your own record
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